OPEC reaches deal to hike output - oil spikes almost $2

Opec in theory needs the agreement of all members to clinch a deal but has in the past agreed production pacts without Iran, which has criticised the idea of raising supply as it faces export-crippling United States sanctions.

If the Saudi position prevails, it would allow OPEC and its allies to partially offset the impact of the collapse in Venezuela's oil industry and feed fast-growing demand - two factors that played a big part in Brent crude's surge to above $80 last month.

Harry Tchilinguirian, head of oil strategy at French bank BNP Paribas, told Reuters Global Oil Forum he expected OPEC and Russian Federation to agree a compromise that would see a small increase in global oil production.

The cartel has overcome opposition from Iran and will raise output by one million barrels per day.

Traditional Saudi allies - the United Arab Emirates, Kuwait, Oman and Bahrain - believe Saudi Arabia was too quick to respond to USA calls for higher production, and have been rattled by Riyadh's close coordination with non-Opec Russia, sources said.

Iran had balked at the request because it faces sanctions after President Donald Trump ripped up an global nuclear agreement.

Opec has a history of hard meetings as well as clashes between Iran and Saudi Arabia.

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Oil prices rose more than 2% Friday after OPEC reportedly reached a deal to ease supply cuts that have been propping up prices for almost two years.

"While China could secure the crude from alternative sources, such as West Africa which has a similar quality to U.S. crude, the USA would find it hard to find an alternative market that is as big as China", Suresh Sivanandam, senior manager, Asia refining, at Wood Mackenzie, said earlier this week, commenting on the impact of possible Chinese tariffs on United States oil imports.

Oil prices rose by more than 1 percent in early Asian trading on Friday, pushed up by uncertainty over whether OPEC would manage to agree a production increase at a meeting in Vienna later in the day. Opec's supply-cutting pact runs until the end of 2018. There are different views on how much to increase production and whether such a move should be gradual, one source said following a meeting of Gulf oil ministers on Tuesday evening.

In an historic agreement in late 2016 the OPEC+ group of 24 nations chose to cut 1.8 million barrels of production to revive the oil market from its biggest slump in a generation. If we lose a million bpd of output from Venezuela and Iran in the fourth quarter, where will all these barrels come from?

Falih has warned the world could face a supply deficit of up to 1.8 million bpd in the second half of 2018 and that OPEC's responsibility was to address consumers' worries. A big OPEC deal- adding more than 1 million barrels - could cause prices to dip into the $2.60s or $2.70s this summer, he said.

"OPEC could keep the same deal with compliance going back to 100%", said an OPEC source who is aware of Iran's stance. He said Opec could meet again in September to adjust the deal.

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